Trisotech the Innovator

Business Intelligence (BI)

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What is Business Intelligence (BI)?

90% of the digital data in the world was generated in the last two years! Organizations use business intelligence software to improve their business operations by making use of the relevant data they generate. Using business intelligence (BI) tools and techniques organizations can translate their data into valuable actionable insights about their business processes and their tactical and strategic business decisions.

While even simple tools like spreadsheets and reports are viable and frequently used BI tools, probably the most common way to present business intelligence information is through data visualization. Studies prove that 65% of people are visual learners and that visualized information is also much better understood. BI tools can access and analyze data sets and present analytical findings in the form of dashboards, graphs, charts, maps, reports, summaries, and in many other presentation formats. Data visualizations can depict large volumes of data in ways that are very accessible and understandable to humans including performance measurements, easy-to-understand reports, and trends that organizations can readily take advantage of for data-driven management decision making.

Benefits of Business Intelligence Software

BI systems and applications have a long list of potential benefits and have been shown to help:

  • Increase operational efficiency and productivity
  • Optimize internal business processes
  • Speed up and improve decision-making
  • Identify business issues that need addressing
  • Identify emerging business and market trends
  • Gain competitive edge and market share
  • Develop stronger business strategies
  • Produce new revenues and drive higher sales

Self-service business intelligence software enables organizations to make the company’s internal data reporting more available to managers and other non-technical staff. This makes it easier for people to see and understand their data without the technical know-how to dig into the data themselves. Today, IT departments are still an important part of managing access to data while multiple levels of users are empowered to visualize data and answer their own questions. IT governs data access and manages data security and accuracy while allowing users to visually explore their data and share their insights.

Trends in Business Intelligence

Two other emerging trends in BI are worth mentioning here – Cloud BI deployments and augmented analytics technologies. According to Gartner, a well-known technology research and consulting company, cloud deployments of both data warehouses and BI tools are growing. In early 2020, Gartner said most new BI spending is now for cloud-based projects.

BI tools increasingly offer natural language querying capabilities as an alternative to creating queries in SQL or another programming languages. Augmented analytics technologies like artificial intelligence (AI) and machine learning (ML) algorithms help users find new insights and prepare data to create charts and infographics even more effectively than they could manually. These embedded augmented analytics technologies are allowing AI and ML techniques to be applied as part of the data-to-decision workflow throughout the organization.

Many software companies produce business intelligence solutions for organizations that wish to make better use of their data. According to Gartner, top companies producing Analytics and Business Intelligence platforms include Microsoft Power BI, Tableau, and Qlik. Most of the other huge technology vendors also have offerings including Google (Looker), Oracle, IBM, SAP, SAS, and Amazon Web Services. Other significant vendors include Domo, MicroStrategy, ThoughtSpot, TIBCO, and Sisense.

Business Intelligence in Finance

Business Intelligence in Banking, Financial Services, and Insurance (BSFI)

The Need for BI

Financial organizations collect huge amounts of transactional and other data streaming in from global networks of automated teller and cash machines, portfolio trading systems, spreadsheets, invoices, payments, and dozens of other sources.

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Technology is changing the banking and finance industry. With the advent of the ubiquitous Internet and the rapid adoption of mobile devices and apps, financial institutions now face new competition at every turn. The era of customer loyalty in the financial services industry, is waning and fast, friendly, and convenient customer experience is the new measure for BSFI companies.

Uses

Business intelligence for finance is a term used to describe how BSFI organizations use professional financial business intelligence software to collect, process, and analyze financial data, often in real-time, and make better business decisions with the help of those analyses. Simply having a lot of data doesn’t surface issues or solve problems. With today’s privacy and security issues and the multiple formats of data distributed across diverse geographic locations, extracting value from the data can be quite difficult. In fact, Inc.com states that up to 73% of financial companies’ data is left unused for analytics. Therefore, communicating the right information to the right people at the right time is more important than ever and that is where BI and data visualization come in. Data visualization through traditional charts and graphs are now being augmented with AI and ML to create dynamic dashboards, node diagrams, multidimensional heatmaps, flash visualizations, and interactive augmented reality (AR) walls.

Benefits

Reduce Costs

By using BI solutions, financial organizations can reduce costs and maximize existing resource utilization and expertise. BI data visualization solutions allow BSFI organizations to explore collected data quickly, often in real time, and spot hidden patterns and trends, reveal new relationships, detect threats quickly and reveal opportunities for growth and change. BI strategies and tools such as advanced analytics using machine learning (ML) and artificial intelligence (AI), allow companies to leverage historical data to “look into the future” via sophisticated forecasting models that frequently generate very accurate insights.

Information Unity

Combining finance and business intelligence allows merging of disparate data from multiple business applications to create a unified source of information that helps make sense of collected data – continuously and in a targeted manner. This can support KPI (key performance indicators) and metrics correlations, decision analytics apps, programmatic stock trading, credit scoring, and targeted promotional offers. For example, financial services firms and insurers use BI for risk analysis during the loan and policy underwriting and approval processes and to identify additional products to offer to existing customers. Other targets might include such measures as the correlation between investments and profitability across the multiple dimensions of the BSFI organization’s products, customers, services, and channels leading to better strategies on valuation or growth optimization. BI real time techniques can also give users a continuous view of financial markets, customer behavior, and business operations.

Here is a selected list of specific ways the banking and finance industries are benefitting from the insights they gain with BI:

  • Operations
    • Real-time monitoring of internal processes
    • Analyze and improve operational performance and processes
    • Highlight areas most in need of improvement
    • Uncover strategic insights
    • Reveal opportunities for growth and change
    • Support the budgeting and planning processes
    • Improve profitability
    • Predict and react to sudden changes in the financial stability of suppliers
  • Customers
    • Understand customer purchase behaviors
    • Improve customer retention and loyalty
    • Guide customer personalization
    • Improve and enhance the customer experience at the points of contact
    • Predict and react to sudden changes in the financial stability of customers
  • Risk Reduction/Mitigation
    • Detect fraudulent customer and employee activities
    • Eliminate rogue spending and invoice fraud
    • Predict and react to sudden changes in market economies
    • Data-driven spend management
    • Analyze credit portfolios and uncover delinquencies
  • Products/Services
    • Improve financial products and services
    • Create competitive advantage
  • Sales/Marketing
    • Optimize Marketing Efforts
    • Measure marketing campaign effectiveness
    • Improve reputation scores
    • Develop new cross-sell and up-sell opportunities
    • Make sales predictions and financial estimates
  • Compliance
    • Organize data and create reports for regulatory compliance
    • Improve industry compliance practices
Business Intelligence in Healthcare

Business Intelligence in Healthcare

Uses

Healthcare business intelligence (BI) software refers to a specific subset of business intelligence software that helps organize, analyze, and present data for caregivers and organizations in the medical field, such as doctors, nurses, administrators, hospitals, and clinics.

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Utilizing business intelligence in healthcare facilitates tracking information from diverse sources such as patient files, medical records, clinical practice guidelines (CPG), financial records, and more. This allows healthcare organizations to standardize and correlate patient and other information securely and electronically. Healthcare BI platforms integrate with other software in medical organizations, but they are not the same as clinical software like electronic medical records (EMR) and electronic health records (EHR).

Healthcare organizations use BI to analyze clinical data, costs, claims, and patient outcomes often using machine learning (ML) and artificial intelligence (AI) to identify opportunities for cost savings, improved care and treatment planning, improved clinical practices, and to reduce fraud and loss. BI platform visual dashboards make front line staff more efficient and effective and can also help monitor, in near real-time, key performance indicators (KPIs) such as staffing shortages and conflicts, readmission rates, facility infection rates, facility and asset availability, and cost and spend trends. User-friendly visual interfaces can enable employees across the entire organization to see important information in real time. Note that modern healthcare organizations are not only looking for ways of improving operations and costs, but also improving patient care.

Benefits

Improved Patient Analytics

Healthcare BI has revolutionized population-related analytics by uncovering insights and presenting a unified/correlated view of patient care that wasn’t previously possible with traditional databases and reporting. BI platform Integrations with EHR and other healthcare systems through data connectors and embedded analytics now allow medical researchers to analyze the records of millions of patients to improve preventative care, uncover cost-savings, deliver better patient outcomes, and even help doctors understand why a treatment that worked for one patient might not be viable for another. BI data visualization capabilities present information in valuable new ways that help define and track populations and perform analytics that can track and predict the likelihood of diseases and infections in specific areas and locations.

Greater Patient Satisfaction

Healthcare BI is also impacting patient satisfaction and patient involvement. Many of the above-mentioned uses of healthcare BI such as better and more customized patient treatment plans and improved clinical practices allow patients to receive personalized, targeted services focused on their specific complaints and conditions. These customized treatment plans also improve patient outcomes, improve patient satisfaction and lead to a better patient quality of life. Other BI insights often make clinical and hospital facilities more efficient and effective which can improve patient appointment scheduling, scheduling/allocation of resources, and shorten patient wait times. BI visualization tools facilitate simple customizations so that patients too can understand the information being presented.

Data Privacy and Security

Business intelligence platforms can also empower patients to be more involved in their own care assured of their data privacy because these platforms are designed to keep data secure yet accessible. Healthcare organizations are creating BI-based patient portals and dashboards for completing paperwork online, scheduling in-person and telehealth (video) appointments, and viewing and paying bills. By making healthcare more convenient for patients, they keep their appointments more frequently, obtain better outcomes, and they have more positive experiences all of which improve patient satisfaction scores.

Improve Decision Making

Notably, one of the most difficult processes in healthcare is triaging incoming emergency patients. Decisions about who to admit and who to discharge safely impact hospital bed resources, emergency medical staff allocations and cost, and potentially unnecessary expenses borne by patients, insurers, and hospitals. Likewise, failing to admit a critical patient may result in complications or even death. Some healthcare organizations are using healthcare business intelligence ML and AI to do predictive analysis and rank incoming patients to assist in triage.

Healthcare business intelligence software is being used for many functions. Selected healthcare BI features include:

  • Source data integrations/Correlations
  • Population related analytics
  • Improving patient satisfaction
  • Personalized treatment plans and services
  • Data visualization and dashboards
  • Near real time visual KPIs
  • Visualization of specific information across the organization
  • Emergency triage
  • Compliance
  • Data governance and security
  • Improved patient involvement
  • Medical Alerts
  • Fraud detection
  • Reduced costs
  • Healthcare provider reviews/Evaluating caregivers

Trisotech
Business Intelligence

How Can We Help You?

Trisotech’s Digital Enterprise Suite (DES) fosters a best of breed approach when it comes to Business Intelligence. Rather than creating a BI module with subpar features and functions, Trisotech offers easy and simple integration to top Analytics and Business Intelligence platforms such as Microsoft Power BI, Tableau, Qlik, etc. In doing so, Trisotech clients can benefit from the dashboards, graphs, charts, maps, reports, summaries, and many other data visualization and analytical features of these market leading tools.

Digital Enterprise Suite

Trisotech’s Digital Enterprise Suite (DES) currently supports several ways to produce data for Analytics and Business Intelligence platforms. Over 70 different asynchronous system messages can be emitted at modeling or at automation time. User data messages obtained from Workflow, Decision Management and Case Management automation instances make it easy to surface data from any Trisotech automations. The creation of these messages and their storage into data sources being all controlled by DES emitters.

DES Emitters

Trisotech DES Emitters are different asynchronous publication channels that can be configured by users (user emitters) or are available at the system level (system emitters).

The Digital Enterprise Suite exposes different ways of registering to receive asynchronous notifications when an event occurs in the suite. Events publication is divided into hierarchical topics where each topic regroups a small number of message types. Each topic also defines security constraints regarding which users can receive a given message sent on that topic.

DES serializes event messages to text using the Cloud Events standard.

Each event emitter is defined in DES with a set of attributes that configure it to specific requirements. The FEEL expression syntax from the Decision Management Notation (DMN) international standard can be used with event message data to filter which system and user event messages are specifically emitted.

Additionally, Trisotech workflows and decision automation can be defined and used to do automated data tagging, data cleansing and even marshalling data through DevOps using artificial intelligence (AI) and machine learning (ML). By using AI, DevOps teams can test, code and check software faster and more efficiently thus improving DevOps by eliminating inefficiencies and automating repetitive tasks across the SDLC.

DES Emitters for BI Examples

Audit Emitters

These emitters are configured as user event emitters and can serve as typical log file generators. Audit emitters store events into a storage location that is accessible through a REST API and can be pulled at regular intervals. Audit logs are downloaded using a REST API endpoint documented in Trisotech’s public API documentation.

File Emitters

These emitters are configured as system event emitters and can serve as typical log file generators. File emitters store individual events into operating system files in user-designated locations (paths). These emitters can create a daily file based on the path name or a single file.

Console Emitters

These emitters are configured as system event emitters. Console emitters log individual events onto a system output (STDOUT, STDERR or the logging system). Logging to the logging system also supports event levels (SEVERE, WARNING, INFO, FINE) and log system prefixes.

Power BI Emitters

These emitters can be configured as user or system emitters. The Trisotech Power BI event emitters store event data directly into PowerBI datasets and tables. Since PowerBI is table based, it requires upfront setup to be able to publish events to it.

Set-up for Power BI includes:

  • Create client application that will be given access to PowerBI
  • Define dataset to be used
  • Define table(s) where event data will be stored

The above steps are described in detail in the PowerBI developer documentation available from Trisotech Support.

Kafka Emitters

These emitters can be configured as user or system emitters. Kafka event emitters publish messages into predefined topics of an Apache Kafka broker. Most BI platforms have ways of connecting streaming data as input sources allowing real-time graphical dashboards as well as available utilities to translate Kafka streams to conventional files. See more about Trisotech’s Kafka support here.

Using Trisotech DES emitters one can create excellent data sources for any feature rich Analytics and Business Intelligence platform.

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